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			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware									20-2733559
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
625 Westport Parkway									76051
Grapevine,			Texas
(Address of principal executive offices)									(Zip Code)

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock

GME

NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒ No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒  No  ☐

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Part I — FINANCIAL INFORMATION
									Page No.
Item 1.			Financial Statements						1
			Unaudited Condensed Consolidated Balance Sheets — As of October 31, 2020, November 2, 2019 and February 1, 2020						1
			Unaudited Condensed Consolidated Statements of Operations — For the 13 and 39 weeks ended October 31, 2020 and November 2, 2019						2
			Unaudited Condensed Consolidated Statements of Comprehensive Loss — For the 13 and 39 weeks ended October 31, 2020 and November 2, 2019						3
			Unaudited Condensed Consolidated Statements of Stockholders’ Equity — For the 13 and 39 weeks ended October 31, 2020 and November 2, 2019						4
			Unaudited Condensed Consolidated Statements of Cash Flows — For the 39 weeks ended October 31, 2020 and November 2, 2019						5
			Notes to Unaudited Condensed Consolidated Financial Statements						6
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						20
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						30
Item 4.			Controls and Procedures						30
PART II — OTHER INFORMATION
Item 1.			Legal Proceedings						30
Item 1A.			Risk Factors						30
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						30
Item 3.			Defaults Upon Senior Securities						30
Item 4.			Mine Safety Disclosures						30
Item 5.			Other Information						30
Item 6.			Exhibits						31
SIGNATURES									32

ITEM 1.    FINANCIAL STATEMENTS

						October 31, 2020						November 2, 2019						February 1, 2020
ASSETS
Current assets:
Cash and cash equivalents						$	445.9					$	290.3					$	499.4
Restricted cash						140.7						0.3						0.3
Receivables, net						77.6						145.7						141.9
Merchandise inventories, net						861.0						1,286.7						859.7
Prepaid expenses and other current assets						126.7						127.3						120.6
Assets held-for-sale						—						12.8						11.8
Total current assets						1,651.9						1,863.1						1,633.7
Property and equipment, net						193.0						287.1						275.9
Operating lease right-of-use assets						666.7						758.1						767.0
Deferred income taxes						29.2						157.8						83.0
Long-term restricted cash						16.0						13.8						13.8
Other noncurrent assets						44.6						65.7						46.3
Total assets						$	2,601.4					$	3,145.6					$	2,819.7
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable						$	440.2					$	709.9					$	380.8
Accrued liabilities and other current liabilities						654.1						625.1						617.5
Current portion of operating lease liabilities						212.9						238.5						239.4
Short-term debt, including current portion of long-term debt, net						244.5						—						—
Borrowings under revolving line of credit						25.0						—						—
Total current liabilities						1,576.7						1,573.5						1,237.7
Long-term debt, net						216.0						419.4						419.8
Operating lease liabilities						456.7						516.5						529.3
Other long-term liabilities						19.8						19.1						21.4
Total liabilities						2,269.2						2,528.5						2,208.2
Commitments and contingencies (Note 7)
Stockholders’ equity:
Class A common stock — $.001 par value; 300 shares authorized; 65.2, 67.9 and 64.3 shares issued and outstanding						0.1						0.1						0.1
Additional paid-in capital						5.1						—						—
Accumulated other comprehensive loss						(67.4)						(71.5)						(78.8)
Retained earnings						394.4						688.5						690.2
Total stockholders’ equity						332.2						617.1						611.5
Total liabilities and stockholders’ equity						$	2,601.4					$	3,145.6					$	2,819.7

						13 Weeks Ended												39 Weeks Ended
						October 31, 2020						November 2, 2019						October 31, 2020						November 2, 2019
Net sales						$	1,004.7					$	1,438.5					$	2,967.7					$	4,271.9
Cost of sales						728.4						997.4						2,156.8						2,960.5
Gross profit						276.3						441.1						810.9						1,311.4
Selling, general and administrative expenses						360.4						475.4						1,095.1						1,411.0
Goodwill and asset impairments						—						11.3						4.8						375.2
Gain on sale of assets						(21.1)						—						(32.4)						—
Operating loss						(63.0)						(45.6)						(256.6)						(474.8)
Interest income						(0.3)						(2.0)						(1.6)						(9.9)
Interest expense						10.0						8.0						25.5						30.6
Loss from continuing operations before income taxes						(72.7)						(51.6)						(280.5)						(495.5)
Income tax (benefit) expense						(53.9)						31.6						14.4						(6.2)
Net loss from continuing operations						(18.8)						(83.2)						(294.9)						(489.3)
Loss from discontinued operations, net of tax						—						(0.2)						(0.9)						(2.6)
Net loss						$	(18.8)					$	(83.4)					$	(295.8)					$	(491.9)
Basic loss per share:
Continuing operations						$	(0.29)					$	(1.01)					$	(4.54)					$	(5.16)
Discontinued operations						—						—						(0.01)						(0.03)
Basic loss per share						$	(0.29)					$	(1.02)					$	(4.56)					$	(5.19)
Diluted loss per share:
Continuing operations						$	(0.29)					$	(1.01)					$	(4.54)					$	(5.16)
Discontinued operations						—						—						(0.01)						(0.03)
Diluted loss per share						$	(0.29)					$	(1.02)					$	(4.56)					$	(5.19)
Weighted-average shares outstanding:
Basic						65.2						82.1						64.9						94.8
Diluted						65.2						82.1						64.9						94.8

						13 Weeks Ended												39 Weeks Ended
						October 31, 2020						November 2, 2019						October 31, 2020						November 2, 2019
Net loss						$	(18.8)					$	(83.4)					$	(295.8)					$	(491.9)
Other comprehensive (loss) income:
Foreign currency translation adjustment						(3.5)						3.6						11.4						(17.2)
Total comprehensive loss						$	(22.3)					$	(79.8)					$	(284.4)					$	(509.1)

			Class A Common Stock												Additional Paid-in Capital						Accumulated Other Comprehensive (Loss) Income						Retained Earnings						Total Stockholders' Equity
			Shares						Amount
Balance at February 1, 2020			64.3						$	0.1					$	—					$	(78.8)					$	690.2					$	611.5
Net loss			—						—						—						—						(165.7)						(165.7)
Foreign currency translation			—						—						—						(12.1)						—						(12.1)
Stock-based compensation expense			—						—						1.8						—						—						1.8
Settlement of stock-based awards			0.3						—						(0.5)						—						—						(0.5)
Balance at May 2, 2020			64.6						$	0.1					$	1.3					$	(90.9)					$	524.5					$	435.0
Net loss			—						—						—						—						(111.3)						(111.3)
Foreign currency translation			—						—						—						27.0						—						27.0
Stock-based compensation expense			—						—						2.1						—						—						2.1
Settlement of stock-based awards			0.6						—						(0.5)						—						—						(0.5)
Balance at August 1, 2020			65.2						$	0.1					$	2.9					$	(63.9)					$	413.2					$	352.3
Net loss			—						—						—						—						(18.8)						(18.8)
Foreign currency translation			—						—						—						(3.5)						—						(3.5)
Stock-based compensation expense			—						—						2.2						—						—						2.2
Balance at October 31, 2020			65.2						$	0.1					$	5.1					$	(67.4)					$	394.4					$	332.2

			Class A Common Stock												Additional Paid-in Capital						Accumulated Other Comprehensive (Loss) Income						Retained Earnings						Total Stockholders' Equity
			Shares						Amount
Balance at February 2, 2019			102.0						$	0.1					$	27.7					$	(54.3)					$	1,362.7					$	1,336.2
Net income			—						—						—						—						6.8						6.8
Foreign currency translation			—						—						—						(13.9)						—						(13.9)
Dividends declared, $0.38 per common share			—						—						—						—						(38.7)						(38.7)
Stock-based compensation expense			—						—						1.9						—						—						1.9
Settlement of stock-based awards			0.3						—						(0.6)						—						—						(0.6)
Balance at May 4, 2019			102.3						$	0.1					$	29.0					$	(68.2)					$	1,330.8					$	1,291.7
Net loss			—						—						—						—						(415.3)						(415.3)
Foreign currency translation			—						—						—						(6.9)						—						(6.9)
Stock-based compensation expense			—						—						3.3						—						—						3.3
Repurchase of common shares			(12.0)						—						(32.1)						—						(30.8)						(62.9)
Settlement of stock-based awards			0.2						—						(0.2)						—						—						(0.2)
Balance at August 3, 2019			90.5						$	0.1					$	—					$	(75.1)					$	884.7					$	809.7
Net loss			—						—						—						—						(83.4)						(83.4)
Foreign currency translation			—						—						—						3.6						—						3.6
Stock-based compensation expense			—						—						2.9						—						—						2.9
Repurchase of common shares			(22.6)						—						(2.9)						—						(112.8)						(115.7)
Balance at November 2, 2019			67.9						$	0.1					$	—					$	(71.5)					$	688.5					$	617.1

						39 Weeks Ended
						October 31, 2020						November 2, 2019
Cash flows from operating activities:
Net loss						$	(295.8)					$	(491.9)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization (including amounts in cost of sales)						61.1						70.1
Goodwill and asset impairments						4.8						375.2
Stock-based compensation expense						6.1						8.1
Deferred income taxes						45.4						(11.8)
(Gain) loss on disposal of property and equipment, net						(30.6)						1.9
Loss on divestitures						—						1.3
Other						2.6						3.1
Changes in operating assets and liabilities:
Receivables, net						65.8						(6.7)
Merchandise inventories						11.6						(61.6)
Prepaid expenses and other current assets						(2.9)						(10.7)
Prepaid income taxes and income taxes payable						11.7						(44.2)
Accounts payable and accrued liabilities						78.9						(488.4)
Operating lease right-of-use assets and lease liabilities						1.1						0.7
Changes in other long-term liabilities						(0.9)						0.1
Net cash flows used in operating activities						(41.1)						(654.8)
Cash flows from investing activities:
Purchase of property and equipment						(32.6)						(61.4)
Proceeds from sale of property and equipment						95.5						—
Proceeds from divestitures						—						5.2
Other						0.4						(0.7)
Net cash flows provided by (used in) investing activities						63.3						(56.9)
Cash flows from financing activities:
Repurchase of common shares						—						(176.9)
Proceeds from French term loans						47.1						—
Dividends paid						(0.3)						(40.5)
Borrowings from the revolver						150.0						—
Repayments of revolver borrowings						(125.0)						—
Repayments of senior notes						(5.3)						(404.5)
Settlement of stock-based awards						(1.0)						(0.8)
Net cash flows provided by (used in) financing activities						65.5						(622.7)
Exchange rate effect on cash, cash equivalents and restricted cash						1.4						(1.7)
Increase (decrease) in cash, cash equivalents and restricted cash						89.1						(1,336.1)
Cash, cash equivalents and restricted cash at beginning of period						513.5						1,640.5
Cash, cash equivalents and restricted cash at end of period						$	602.6					$	304.4

GameStop Corp. (“GameStop,” “we,” “us,” “our,” or the “Company”) is a global, multichannel video game, consumer electronics and collectibles retailer. GameStop operates over 5,000 stores across ten countries. GameStop's consumer product network also includes www.gamestop.com and Game Informer® magazine, the world's leading print and digital video game publication.

						October 31, 2020						November 2, 2019						February 1, 2020
Cash and cash equivalents						$	445.9					$	290.3					$	499.4
Restricted cash						140.7						0.3						0.3
Long-term restricted cash						16.0						13.8						13.8
Total cash, cash equivalents and restricted cash in the statements of cash flows						$	602.6					$	304.4					$	513.5

						13 Weeks Ended												39 Weeks Ended
						October 31, 2020						November 2, 2019						October 31, 2020						November 2, 2019
Hardware and accessories (1)						$	413.4					$	546.0					$	1,368.1					$	1,757.4
Software (2)						444.4						730.6						1,247.9						2,022.0
Collectibles						146.9						161.9						351.7						492.5
Total						$	1,004.7					$	1,438.5					$	2,967.7					$	4,271.9

(1)    Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics, and the operations of Simply Mac stores, which were sold in September 2019.

(2)    Includes sales of new and pre-owned video game software, digital software and PC entertainment software.

The Company has arrangements with customers where its performance obligations are satisfied over time, which primarily relate to extended warranties and its Game Informer® magazine. Revenues do not include sales tax or other taxes collected from customers. The Company expects to recognize revenue in future periods for remaining performance obligations it has associated with unredeemed gift cards, trade-in credits, reservation deposits and its PowerUp Rewards loyalty program (collectively, "unredeemed customer liabilities"), extended warranties and subscriptions to its Game Informer® magazine.

Performance obligations associated with subscriptions to Game Informer® magazine are satisfied when monthly magazines are delivered in print form or made available in digital format. The significant majority of customer subscriptions are for 12 monthly issues. As of October 31, 2020 and November 2, 2019, the Company had deferred revenue of $30.7 million and $39.2 million, respectively, associated with Game Informer® magazine.

The Company's contract liabilities primarily consist of unredeemed customer liabilities and deferred revenues associated with extended warranties and subscriptions to Game Informer® magazine. The opening balance, current period changes and ending balance of the Company's contract liabilities are as follows (in millions):

						October 31, 2020						November 2, 2019
Contract liability beginning balance						$	339.2					$	376.9
Increase to contract liabilities (1)						562.2						677.1
Decrease to contract liabilities (2)						(496.5)						(705.0)
Other adjustments (3)						(0.3)						(0.4)
Contract liability ending balance						$	404.6					$	348.6

(1)    Includes issuances of gift cards, trade-in credits and loyalty points, new reservation deposits, new subscriptions to Game Informer® and extended warranties sold.

(2)    Includes redemptions of gift cards, trade-in credits, loyalty points and customer deposits as well as revenues recognized for Game Informer® and extended warranties. During the 39 weeks ended October 31, 2020, there were $36.6 million of gift cards redeemed that were outstanding as of February 1, 2020. During the 39 weeks ended November 2, 2019, there were $47.3 million of gift cards redeemed that were outstanding as of February 2, 2019.

(3)    Primarily includes foreign currency translation adjustments.

The Company values its foreign currency contracts, life insurance policies with cash surrender values and certain nonqualified deferred compensation liabilities based on Level 2 inputs using quotations provided by major market news services, such as Bloomberg, and industry-standard models that consider various assumptions, including quoted forward prices, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic measures, all of which are observable in active markets. When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence.

						October 31, 2020												November 2, 2019												February 1, 2020
Assets
Foreign currency contracts(1)						$	1.3											$	1.2											$	1.4
Company-owned life insurance(2)						3.2												16.2												4.1
Total assets						$	4.5											$	17.4											$	5.5
Liabilities
Foreign currency contracts(3)						$	3.2											$	0.5											$	0.3
Nonqualified deferred compensation(3)						1.0												0.8												1.0
Total liabilities						$	4.2											$	1.3											$	1.3

(1)     Recognized in prepaid expenses and other current assets in the Company's unaudited condensed consolidated balance sheets.

(2)    Recognized in other non-current assets in the Company's unaudited condensed consolidated balance sheets.

(3)    Recognized in accrued liabilities and other current liabilities in the Company's unaudited condensed consolidated balance sheets.

The Company uses forward exchange contracts to manage currency risk primarily related to intercompany loans and third party accounts payable denominated in non-functional currencies. These foreign currency contracts are not designated as hedges and, therefore, changes in the fair values of these derivatives are recognized in earnings, thereby offsetting the current earnings effect of the re-measurement of related balances denominated in foreign currencies. The total gross notional value of derivatives related to the Company's foreign currency contracts was $262.3 million, $147.1 million and $144.6 million as of October 31, 2020, November 2, 2019 and February 1, 2020, respectively.

						13 Weeks Ended												39 Weeks Ended
						October 31, 2020						November 2, 2019						October 31, 2020						November 2, 2019
Gains (losses) on the changes in fair value of derivative instruments						$	0.6					$	0.4					$	(4.6)					$	3.2
(Losses) gains on the re-measurement of related intercompany loans and third-party accounts payable denominated in foreign currencies						(0.5)						0.1						4.7						(2.7)
Net gains						$	0.1					$	0.5					$	0.1					$	0.5

As of October 31, 2020 the Company's unsecured 6.75% senior notes due in 2021 had a net carrying value of $197.9 million and a fair value of $197.9 million, and its secured 10.00% senior notes due in 2023 had a net carrying value of $216.0 million and a fair value of $216.4 million. The fair values of the Company's senior notes were determined based on observable inputs (Level 2), including quoted market prices obtained through an external pricing source which derives its price valuations from daily marketplace transactions, adjusted to reflect the spreads of benchmark bonds, credit risk and certain other variables.

						13 Weeks Ended												39 Weeks Ended
						October 31, 2020						November 2, 2019						October 31, 2020						November 2, 2019
Operating lease cost						$	73.4					$	86.6					$	233.7					$	257.8
Variable lease cost (1)						20.2						23.1						60.3						72.2
Total rent expense						$	93.6					$	109.7					$	294.0					$	330.0

(1)    Variable lease cost primarily includes percentage rentals and variable executory costs.

						October 31, 2020						November 2, 2019						February 1, 2020
Weighted-average remaining lease term (years)(1)						4.5						4.5						4.7
Weighted-average discount rate						5.1		%				4.4		%				4.1		%

(1)    The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of October 31, 2020, November 2, 2019 and February 1, 2020. This weighted average calculation differs from the Company's simple average remaining lease term due to the inclusion of reasonably certain renewal options and the effect of the lease liability value of longer term leases.

Period									Operating Leases (1)
Remainder of Fiscal Year 2020, as of October 31, 2020									$	71.8
Fiscal Year 2021									217.2
Fiscal Year 2022									150.4
Fiscal Year 2023									103.3
Fiscal Year 2024									73.2
Thereafter									126.6
Total remaining lease payments									742.5
Less: Interest									(72.9)
Present value of lease liabilities (2)									$	669.6

(1)    Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced.

(2)    The present value of lease liabilities consist of $212.9 million classified as current portion of operating lease liabilities and $456.7 million classified as long-term operating lease liabilities.

			October 31, 2020						November 2, 2019						February 1, 2020
Revolving credit facility expiring November 2022			$	25.0					$	—					$	—
French term loans due June 2021(1)			23.3						—						—
French term loans due October 2021(1)			23.3						—						—
2021 Senior Notes principal amount			198.2						421.4						421.4
2023 Senior Notes principal amount			216.4						—						—
Less: Senior Notes unamortized debt financing costs			(0.7)						(2.0)						(1.6)
Total debt, net(2)			$	485.5					$	419.4					$	419.8
Less: short-term debt and current portion of long-term debt(3)			(269.5)						—						—
Long-term debt, net			$	216.0					$	419.4					$	419.8

(1)    These term loans may be extended, subject to specified conditions, for up to five additional years at Micromania SAS's request.

(2)    During the second quarter of fiscal 2020, the Company's wholly-owned subsidiary, Micromania SAS, obtained an unsecured credit facility. No amounts have been drawn under this facility through October 31, 2020, and this facility expires in January 2021.

(3)    Includes advances under the revolving credit facility expiring November 2022, the French term loans due June 2021 and October 2021, and the 2021 Senior Notes, net of the associated unamortized debt financing costs. See Note 11, "Subsequent Events" for details regarding the scheduled redemption of a portion of our 2021 Senior Notes.

2023 Senior Notes. In July 2020, the Company issued approximately $216.4 million aggregate principal amount of 10.00% senior notes due March 15, 2023 (the "2023 Senior Notes") in exchange for an equal aggregate principal amount of its 6.75% senior notes due March 15, 2021 (the "2021 Senior Notes"). Interest is payable on the 2023 Senior Notes semi-annually in arrears on March 15 and September 15 of each year.

2021 Senior Notes. In March 2016, the Company issued $475.0 million of 2021 Senior Notes. Interest is payable on the 2021 Senior Notes semi-annually in arrears on March 15 and September 15 of each year. The Company incurred approximately $8.1 million in fees and expenses in connection with the issuance of the 2021 Senior Notes, which were capitalized during the first quarter of fiscal 2016 and are being amortized as interest expense over the term of the 2021 Senior Notes. In connection with the exchange transaction discussed above, approximately $0.5 million of these fees and expenses are now being amortized as interest expense over the term of the 2023 Notes. The 2021 Senior Notes have not been registered under the Securities Act or the securities laws of any state. The 2021 Senior Notes were offered in the United States to "qualified institutional buyers" pursuant to the exemption from registration under Rule 144A of the Securities Act and in exempted offshore transactions pursuant to Regulation S under the Securities Act.

Borrowing availability under the Revolver is limited to a borrowing base which allows the Company to borrow up to 90% of the appraised value of its inventory (or 92.5% during the period of July 15 and October 15 of each year), plus 90% of eligible credit card receivables, net of certain reserves. Letters of credit reduce the amount available to borrow under the Revolver by an amount equal to the face value of the letters of credit. The Company's ability to pay cash dividends, redeem options and repurchase shares is generally permitted, except under certain circumstances, including if either (1) excess availability under the Revolver is less than 20%, or is projected to be within six months after such payment or (2) excess availability under the Revolver is less than 15%, or is projected to be within six months after such payment, and the fixed charge coverage ratio, as calculated on a pro-forma basis for the prior 12 months, is 1.0:1.0 or less. In the event that excess availability under the Revolver is at any time less than the greater of (1) $12.5 million or (2) 10% of the lesser of the total commitment or the borrowing base, the Company will be subject to a fixed charge coverage ratio covenant of 1.0:1.0 (the "Availability Reduction").

•a reduction in the amount of the excess availability threshold that determines whether the Company is subject to a fixed charge coverage ratio covenant of 1.0:1.0 from the greater of $30 million and 10% of the borrowing base to the greater of $12.5 million and 10% of the borrowing base;

•an increase in the sublimit for the issuances of letters of credit under the Credit Agreement from $50 million to $100 million; and

•an increase in the amount of letters of credit permitted to be issued separately from, and not pursuant to, the Credit Agreement from $25 million to (i) up to $150 million for letters of credit issued for the benefit of borrowers/guarantors under the Credit Agreement and (ii) up to $75 million for letters of credit issued for the benefit of foreign subsidiaries, subject to the understanding that the outstanding amount of letters of credit issued under the Credit Agreement, combined with the outstanding amount of letters of credit otherwise permitted by the Credit Agreement, may not exceed $275 million in the aggregate.

Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding during the period. Potentially dilutive securities include stock options and unvested restricted stock outstanding during the period, using the treasury stock method. Potentially dilutive securities are excluded from the computations of diluted earnings per share if their effect would be antidilutive. A net loss from continuing operations causes all potentially dilutive securities to be antidilutive. The Company has certain undistributed stock awards that participate in dividends on a nonforfeitable basis, however, their impact on earnings per share under the two-class method is negligible. See Note 1, "General Information," for information regarding our unvested restricted stock and shares issued and outstanding.

			13 Weeks Ended												39 Weeks Ended
			October 31, 2020						November 2, 2019						October 31, 2020						November 2, 2019
Weighted-average common shares outstanding			65.2						82.1						64.9						94.8
Dilutive effect of stock options and restricted stock awards			—						—						—						—
Weighted-average diluted common shares outstanding			65.2						82.1						64.9						94.8
Anti-dilutive stock options and restricted stock awards			4.7						2.3						4.7						2.3

The Company identifies segments based on a combination of geographic areas and management responsibility. Segment results for the United States include retail operations in 50 states and Guam; its e-commerce operations; Game Informer® magazine; and Simply Mac, which was sold in September 2019. The United States segment also includes general and administrative expenses related to the Company's corporate headquarters in Grapevine, Texas. Segment results for Canada include retail and e-commerce operations in Canada and segment results for Australia include retail and e-commerce operations in Australia and New Zealand. Segment results for Europe include retail and e-commerce operations in six European countries for the 13 weeks ended October 31, 2020 and ten European countries for the 39 weeks ended October 31, 2020 as well as the 13 and 39 weeks ended November 2, 2019. The Company measures segment profit using operating earnings, which is defined as income from continuing operations before intercompany royalty fees, net interest expense and income taxes. Transactions between reportable segments consist primarily of royalties, management fees, intersegment loans and related interest. There were no material intersegment sales during the 13 and 39 weeks ended October 31, 2020 and November 2, 2019.

						United States						Canada						Australia						Europe						Consolidated
13 weeks ended October 31, 2020
Net sales						$	664.5					$	55.9					$	111.2					$	173.1					$	1,004.7
Operating (loss) earnings						(66.8)						7.1						10.1						(13.4)						(63.0)
13 weeks ended November 2, 2019
Net sales						$	987.5					$	79.8					$	117.0					$	254.2					$	1,438.5
Operating loss						(24.2)						(3.9)						(0.2)						(17.3)						(45.6)

						United States						Canada						Australia						Europe						Consolidated
39 weeks ended October 31, 2020
Net sales						$	2,009.3					$	137.5					$	373.9					$	447.0					$	2,967.7
Operating (loss) earnings						(189.6)						(3.0)						21.2						(85.2)						(256.6)
39 weeks ended November 2, 2019
Net sales						$	3,010.7					$	215.4					$	339.8					$	706.0					$	4,271.9
Operating loss						(386.1)						(16.3)						(10.6)						(61.8)						(474.8)

The Company recognized income tax expense of $14.4 million for the 39 weeks ended October 31, 2020 compared to an income tax benefit of $6.2 million for the 39 weeks ended November 2, 2019. The Company's effective income tax rate decreased to (5.1)% for the 39 weeks ended October 31, 2020 compared to 1.3% for the 39 weeks ended November 2, 2019. The decrease in the effective income tax rate compared to the prior year quarter was primarily driven by the establishment of a full valuation allowance on U.S. deferred tax assets, a change in the tax status of certain foreign entities, sale and leaseback transactions, the impact of the CARES Act, including tax benefits associated with the availability of a five-year carryback period for certain current year tax losses, and the relative mix of earnings across the jurisdictions within which we operate.

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

•macroeconomic pressures, including the effects of COVID-19 on consumer spending;

•the impact of COVID-19, including government restrictions, on our business and financial results;

•the impact of COVID-19 on costs and availability of capital;

•the cyclicality of the video game industry;

•our dependence on the timely delivery of new and innovative products from our vendors;

•the impact of technological advances in the video game industry and related changes in consumer behavior on our sales;

•our ability to keep pace with changing industry technology and consumer preferences;

•the economic, social and political conditions in the U.S. and certain international markets;

•the impact of international crises and trade restrictions and tariffs on the delivery of our products;

•our ability to obtain favorable terms from our suppliers;

•the international nature of our business;

•our dependence on sales during the holiday selling season;

•fluctuations in our results of operations from quarter to quarter;

•our ability to de-densify our global store base;

•our ability to renew or enter into new leases on favorable terms;

•the competitive nature of our industry;

•our ability to attract and retain executive officers and key personnel;

•the adequacy of our management information systems;

•our reliance on centralized facilities for refurbishment of our pre-owned products;

•our ability to react to trends in pop culture with regard to our sales of collectibles and our dependence on licensed products for a substantial portion of such sales;

•our ability to maintain security of our customer, employee or company information;

•potential harm to our reputation;

•our ability to maintain effective control over financial reporting;

•our vendors’ ability to provide marketing and merchandise support at historical levels;

•restrictions on our ability to purchase and sell pre-owned video games;

•potential decrease in popularity of certain types of video games;

•changes in our tariff, import/export regulations and global tax rate;

•potential future litigation and other legal proceedings;

•potential future actions by activist stockholders;

•changes in accounting rules and regulations; and

•our ability to comply with federal, state, local and international law.

GameStop Corp. (“GameStop,” “we,” “us,” “our,” or the “Company”) is the world's largest video game retailer, which operates approximately 5,000 stores across ten countries, and offers the best selection of new and pre-owned video gaming consoles, accessories and video game titles, in both physical and digital formats. GameStop also offers fans a wide variety of POP! vinyl figures, collectibles, board games and more. Through GameStop's unique buy-sell-trade program, gamers can trade in video game consoles, games, and accessories, as well as consumer electronics for cash or in-store credit. Our consumer product network also includes www.gamestop.com and Game Informer® magazine, the world's leading print and digital video game publication.

•the geographies impacted by the virus;

•changes in consumer confidence and consumer spending habits, including spending for the merchandise that we sell;

•negative trends in consumer purchasing patterns due to changes in consumers' disposable income, credit availability and debt levels;

•the availability of additional economic stimulus programs introduced by the various governments where we operate;

•disruption to our supply chain including the manufacturing, supply, distribution, transportation and delivery of our products;

•delays in the release of key video game titles; and

•a slowdown in the U.S. and global economies, and the timing of the post-pandemic economic recovery.

•reducing inventory receipts to match demand, focusing our purchasing efforts on key hardware, software and accessories products;

•concentrating capital spending on required maintenance or near-term high value strategic projects; and

•divesting non-strategic assets to free up cash for deployment to certain strategic investments and initiatives

•reduced the base salary for our executive leadership team by graduated amounts ranging from 30%-50% for 9 weeks;

•lowered the cash compensation for the members of the Board of Directors by 50% for 9 weeks;

•reduced pay for certain other employees by graduated amounts across most of the worldwide permanent workforce between 10% and 30% for 9 weeks; and

•forewent merit pay increases for the majority of our associates for fiscal 2020.

Optimize the core business. Improve the efficiency and effectiveness of operations across the organization, including cost restructuring, inventory management optimization, adding and growing high margin product categories, and rationalizing the global store base. Prioritizing efforts to optimize the store base and improve the fundamental operations of the business yielded the net closure of 321 stores in fiscal 2019, 461 stores year-to-date in fiscal 2020, and included both the divestiture of the Simply Mac business and wind down of underperforming operations in Denmark, Finland, Norway and Sweden. Improved inventory management drove a significant increase in inventory turns and as a result, in working capital, while an intense focus on organization structure and expense reductions yielded a $315.9 reduction in reported Selling, General and Administrative costs year-to-date in fiscal 2020.

Build a frictionless digital ecosystem. Develop and deploy a frictionless consumer facing digital first omni-channel environment, including the recent relaunch and customer experience enhancements within GameStop.com, the launch of a

Become the social / cultural hub for gaming. Create the social and cultural hub for games and entertainment and expand GameStop’s addressable market through category and product expansion to offer the most comprehensive product offering across the GameStop omni-channel platform. Our customers are increasing their engagement across the spectrum of games, entertainment and technology and our focus remains to meet those expanding needs.

Transform vendor partnerships. Transform our vendor and partner relationships to unlock additional high-margin revenue streams through an expanded suite of product and service offerings to optimize the lifetime value of every customer.

						13 Weeks Ended																								39 Weeks Ended
						October 31, 2020												November 2, 2019												October 31, 2020												November 2, 2019
						Amount						Percent of Net Sales						Amount						Percent of Net Sales						Amount						Percent of Net Sales						Amount						Percent of Net Sales
Net sales						$	1,004.7					100.0		%				$	1,438.5					100.0		%				$	2,967.7					100.0		%				$	4,271.9					100.0		%
Cost of sales						728.4						72.5						997.4						69.3						2,156.8						72.7						2,960.5						69.3
Gross profit						276.3						27.5						441.1						30.7						810.9						27.3						1,311.4						30.7
Selling, general and administrative expenses						360.4						35.9						475.4						33.0						1,095.1						36.9						1,411.0						33.0
Goodwill and asset impairments						—						—						11.3						0.8						4.8						0.2						375.2						8.8
Gain on disposal of assets						(21.1)						(2.1)						—						—						(32.4)						(1.1)						—						—
Operating loss						(63.0)						(6.3)						(45.6)						(3.1)						(256.6)						(8.7)						(474.8)						(11.1)
Interest expense, net						9.7						0.9						6.0						0.5						23.9						0.8						20.7						0.5
Loss from continuing operations before income taxes						(72.7)						(7.2)						(51.6)						(3.6)						(280.5)						(9.5)						(495.5)						(11.6)
Income tax (benefit) expense						(53.9)						(5.4)						31.6						2.2						14.4						0.5						(6.2)						(0.2)
Net loss from continuing operations						(18.8)						(1.8)						(83.2)						(5.8)						(294.9)						(10.0)						(489.3)						(11.4)
Loss from discontinued operations, net of tax						—						—						(0.2)						—						(0.9)						—						(2.6)						(0.1)
Net loss						$	(18.8)					(1.8)		%				$	(83.4)					(5.8)		%				$	(295.8)					(10.0)		%				$	(491.9)					(11.5)		%

We revised the categories of our similar products at the end of fiscal 2019. See Note 3, "Revenue," for further details. The following table sets forth net sales by significant product category for the period indicated (dollars in millions):

						13 Weeks Ended																								39 Weeks Ended
						October 31, 2020												November 2, 2019												October 31, 2020												November 2, 2019
						Net Sales						Percent of Net Sales						Net Sales						Percent of Net Sales						Net Sales						Percent of Net Sales						Net Sales						Percent of Net Sales
Hardware and accessories						$	413.4					41.2		%				$	546.0					37.9		%				$	1,368.1					46.1		%				$	1,757.4					41.1		%
Software						444.4						44.2						730.6						50.8						1,247.9						42.0						2,022.0						47.4
Collectibles						146.9						14.6						161.9						11.3						351.7						11.9						492.5						11.5
Total						$	1,004.7					100.0		%				$	1,438.5					100.0		%				$	2,967.7					100.0		%				$	4,271.9					100.0		%

			13 Weeks Ended
			October 31, 2020																		November 2, 2019
			Net Sales						Percent of Net Sales						Comparable Store Sales						Net Sales						Percent of Net Sales						Comparable Store Sales
United States			$	664.5					66.1		%				(27.1)		%				$	987.5					68.6		%				(24.0)		%
Canada			55.9						5.6						(25.7)						79.8						5.5						(23.7)
Australia			111.2						11.1						0.6						117.0						8.2						(14.7)
Europe			173.1						17.2						(27.1)						254.2						17.7						(23.7)
Total			$	1,004.7					100.0		%				(24.6)		%				$	1,438.5					100.0		%				(23.2)		%